Everywhere is competition in all market. petrolium product is not out of them. Gujarat State Petroleum Corp.'s plan to develop a gas field off the Andhra Pradesh coast has been approved by the Directorate General of Hydrocarbons (DGH), the Business Standard reported on Sunday.
The DGH, which is a unit of the petroleum ministry, has approved development of about 2 trillion cubic feet of reserves at KG-8 Deendayal-West field in the Krishna-Godavari basin, its chief V.K. Sibal said, according to the paper.
The Deendayal gas field was discovered in June 2005 and awarded to GSPC under the third round of the New Exploration Licensing Policy, the paper said. GSPC would invest $1.6 billion to develop the field, the paper said, citing company sources.
A senior government official, on condition of anonymity, told the paper that GSPC planned to raise $1-1.5 billion via an initial public offering and that the DGH's approval would allow the company to carry out the necessary valuations.
The DGH, which is a unit of the petroleum ministry, has approved development of about 2 trillion cubic feet of reserves at KG-8 Deendayal-West field in the Krishna-Godavari basin, its chief V.K. Sibal said, according to the paper.
The Deendayal gas field was discovered in June 2005 and awarded to GSPC under the third round of the New Exploration Licensing Policy, the paper said. GSPC would invest $1.6 billion to develop the field, the paper said, citing company sources.
A senior government official, on condition of anonymity, told the paper that GSPC planned to raise $1-1.5 billion via an initial public offering and that the DGH's approval would allow the company to carry out the necessary valuations.
